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Tag Archives: Short Sale

The Exchange: Forcing Change in a New Era

Five Star FORCE Advisory Council Chair Jim Hastings and Vice Chairman Steven Pagano share their thoughts and insight on the state of the industry and how FORCE members are sharing their tips and talents for the greater good.

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The Evolution of the REO Landscape

auction

Patrick McClain, SVP of Hubzu Auction Services, talks to DS News about how the REO space has evolved in recent years, the challenges of operating amidst low foreclosure inventory, and how struggling homeowners are benefitting from options such as short sales.

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Midwest Reflects National Cold Weather Woes

Sales of residential homes in the seven-county metro of Chicago followed a pattern similar to January: rising prices, but the pace of sales slow when compared to the same month last year. According to an analysis by RE/MAX, bitter weather and a small inventory of homes for sale were the primary factors causing reduced sales activity.

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Lenders: Beware of the ‘Forced’ Short-Sale in Bankruptcy

Historically, Chapter 7 Trustees rarely seek authorization to sell over-encumbered real property of the estate free and clear of liens because such a sale is authorized only under very limited circumstances. Based upon the rarity of motions to sell over-encumbered property and the assumption that a Court would never grant such a motion, creditors have generally been complacent about monitoring bankruptcy cases for such motions.

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Institutional Investor Sales Decline

RealtyTrac released its January 2014 Residential & Foreclosure Sales Report on Thursday, revealing institutional investors made up 5.2 percent of all U.S. residential property sales in January. Institutional investor sales are down from 7.9 percent in December, and down 8.2 percent from January, 2013.

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New App Looks to Hasten Short Sale Process

ShortSave, Inc., announced Tuesday a new application aimed at shortening the time for a one-lien short sale or loan modification transaction. The average short sale takes 165 days, a time period ShortSave anticipates being able to cut to a paltry 36 days. The application is projected to save a non-performing note investor $1,200-1,800 in lost interest on an average loan.

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Decline in Foreclosures Outpaces Decline in Loan Modifications

Mortgage Debt Relief

An estimated 44,000 homeowners received permanent loan modifications from mortgage servicers during the month of November under both proprietary servicer programs and the government’s Home Affordable Modification Program (HAMP), HOPE NOW reports. While that total represents a 12 percent decrease from the 50,000 loan mods completed in October, the most recent data show a steeper 20 percent decline in foreclosure sales and a 17 percent decline in foreclosure starts between October and November.

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